3 Tips to Ensure Your Bookkeeping Is in Line during COVID-19 Lockdown

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As the world continues to adapt to a global pandemic, businesses are looking for the best strategies to continue operation. Apart from the struggle of meeting the bottom line, the safety of employees and clients is also a priority. That’s why many business owners are looking into getting most of their internal processes done remotely – such as accounting.

Why is accounting a natural fit for remote work?

In recent years, outsourced accounting and bookkeeping services have become the norm. Many companies prefer hiring a third-party accounting firm because of the many benefits outsourcing offers. For instance, a reputable accounting firm will have access to the latest software, tools, and know-how to increase efficiency. Also, having accounting done remotely means the company can divert essential resources into more critical aspects of business operation.

And in line with the current situation caused by the COVID-19 pandemic, let’s take a closer look at three ways you can keep accounting and bookkeeping in line.

Outsource a bookkeeping firm that uses the best accounting software

A key feature you need to look into when choosing an accounting firm is automation. Software such as Xero allows you to automate specific tasks for increased productivity. Also, cloud-hosted software is ideal so that you can seamlessly scale up as your business needs grow. Of course, it’s also essential to consider the software’s compatibility with your existing business infrastructure. That’s why you need to take the time to review and compare your options before choosing a firm that best provides for the current and emerging needs of your company.

Hire an accounting firm that will not only provide support but also train your in-house accountants

Although it’s possible to have 100% of your business accounting done remotely, having at least one or two in-house accountants is vital to keep things in order. If you’re hiring a firm that will use sophisticated accounting software like Xero, you’ll need to have as much support as possible during the initial implementation and roll-out.

Fortunately, there are third-party services that will provide support and training as your team learns and gets accustomed to the new system and process. In choosing a service provider, make sure to look into the level of assistance and the extent of training they offer. You also need to consider the knowledge gap that exists, especially if your in-house accountants will use the software for the first time.

Link accounting software to bank accounts to reduce human contact

One of the most crucial aspects of hiring a third-party bookkeeping service is how it can help minimize human contact. Yes, you can get all the books done remotely, but what about handling business finances? Look into having company bank accounts linked to the accounting software for more seamless monitoring and management. The third-party provider should have the resources to get this done effortlessly and also train your in-house accountants. If possible, look into all tasks and processes you can do online so that you can limit every possible instance of human contact.